WATER bottler Pleass Global Ltd generated revenues of $21.94million from its primary business activities for the 2023 financial year ended December 31, 2023, representing a 27 per cent growth over the $17.3m it recorded in 2022.
Profit before tax stood at $5.6m, an increase of 141 per cent ($2.3m) over 2022.
PGL managing director and chairman Warwick Pleass attributed the growth in revenue to improved plant utilisation.
He said coming off the back of a big year in 2022, the company’s continued growth last year also continued to challenge management, but all challenges were met.
“It was a remarkable year for PGL and shareholders can expect more good news to come. The sales growth in 2023 was possible by our improved plant utilisation and that brought the improved profit,” Mr Pleass reported.
Net assets were 39 per cent higher and gearing improved from 27 per cent in 2022 to 16 per cent in 2023.
Earnings per share increased 456 per cent, and the company paid an interim dividend of four cents per share in September last year, and a final dividend of 6 cents per share in April this year.
Mr Pleass said the company had also completed its fleet upgrade and is now seeing returns from the new fleet.
“Completion of our own powerhouse complete with generators has made us independent of frequently utility power outages.
“This gives us redundancy and minimises risks for future outages after cyclones and other emergencies when our customers need us the most.”
PGL also owns 440 acres of freehold land.
“We are continuing to expand the business outwards across the land, building new roads and planning new buildings like staff accommodation and ancillary facilities for vertical and horizontal integration. This is one of the most exciting areas of our activities with so much promise.”
